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Interest Paying Business Accounts?

Does anyone know of any business accounts which pay interest?

Okay, after my last post got savaged I'm going to word this carefully...

Does anyone know of any business accounts which pay interest?

I would recommend Aldermore for any money you have idle. Final dividend or salary payments can be put in tailored accounts for an exact number of days so they can mature in mid-March ready for final divis and salary lump sum payments at EOY. This way money garners interest instead of sitting idle. I make a couple of hundred £s a year doing this. Not to be sniffed at.

But, they are effectively bonds and the money is inaccessible, so does anyone have any recommendations for banks with accounts which are for daily use, and offer interest?

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13th Mar 2019 08:12

I guessed from your other post that you had not realised this is a site for Accountants to swap information with other accountants and not for members of the public.

But on the basis you demanded folk didn't guess, I didn't respond.

You've changed your business name on your profile, but I would also guess that everyone who saw the original post had a look at your accounts because that's the way we accountant bods roll.

I would be guessing if I suggested what you are doing now might be barking. Or not. On the basis the is not enough info. Declared, paid. Just surplus. Whatever.

Although I could answer the main question, but frankly can't be bothered, given the fact you've called so many of my Aweb colleagues trolls. No doubt that comment will be levied at me in a mo.

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to Cheshire
13th Mar 2019 08:43

TBF, you can still easily find his company on CoHo. There’s only one Roger Pearson who is a director born in 1965. Guess what, the initials of his company are PCS. BTW, that first part was a statement not a chant.

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to atleastisoundknowledgable...
13th Mar 2019 10:36

I wasn't exactly covering my tracks with elephant dung when I changed the company name, it just felt that there was no need to post info about my business...or me for that matter.

Out of interest, a piculet is a small woodpecker like bird. My accountant always used to pronounce it Piculay, he thought it gave us chic! It didn't!!

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to rogerpearson65
13th Mar 2019 14:09

Out of interest, a piculet is a small woodpecker like bird. My accountant always used to pronounce it Piculay, he thought it gave us chic! It didn't!!

[/quote]

General knowledge. Chic in Hyde, I dont think so!

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to Cheshire
13th Mar 2019 10:15

I did see that the site was solely for accountants, but having researched a few posts before I signed up, I saw there are a fair few people asking advice who are clearly not accountants. Figured it was possibly not so important, and possibly a great site for me to use.

Barking. Declared. Paid. Surplus. You are right, I now realise I do not actually understand enough about accounting to ask the question in my head!

Hmmm...I thought I'd only used the word troll once, but I see I used it twice and that may be unreasonable. Although, in one case, I only mentioned the word troll in reaction to someone looking up my business when he didn't really need to.

I am not worried about anyone, let alone accountants looking my business up, when the information is in the public domain. But it did feel weird that someone would go to all that trouble, not offer any help, and then announce something about my business on this website. That may even be the definition of trolling.

So, no I wouldn't call you a troll because you've really just spoken your mind, which is fair when you were offended by my original tone. Trust me, no offence was meant.

But you must have had one of those posts where you ask advice and through a bizarre chain of events you end up with a video of a camel biting somebody's head in a zoo! Funny, but not always helpful.

I can't work out how to embed a video, or the camel would be next.

Apologies again for any offence, not at all why I posted.

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to rogerpearson65
13th Mar 2019 10:34

And I think it's fair to say, realising the ripples my other post caused, I have apologised a lot and only not taken it down because I think that would be unfair on those who have responded, harshly or politely.

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to rogerpearson65
13th Mar 2019 14:08

rogerpearson65 wrote:

And I think it's fair to say, realising the ripples my other post caused, I have apologised a lot and only not taken it down because I think that would be unfair on those who have responded, harshly or politely.

You might not have taken your other post down but have comprehensively changed the original question and indeed a whole load of the responses!!

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By DJKL
13th Mar 2019 09:21

Clydesdale Bank, Cash Management Account,rate 0.20% up to £500k, 0.25% over £500k re one entity.

Given rates offered it is hardly worth recording the transactions to/from cash management/current re transfers unless decent sums involved- say £50,000 minimum movement each time.

I am getting 0.40% instant access with another local private bank we operate through for a different entity, but as they do not really seek customers will not give their name.

Am sure others can find better rates but we do not really like tying up our cash in case an opportunistic property transaction comes along where speed of action secures the deal, I like instant access.

Will likely also soon need to consider chatting with AIB to see what they have as we are starting to build up surplus funds within another one of our entities which banks with them, I tend to like to keep deposits with same bank as the main operating current account used for ease of management.

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to DJKL
13th Mar 2019 10:32

Many thanks DJKL

Not playing with such large numbers but any interest is welcome, even if it's just enough to cover bank charges. Makes it feel like banking is free!

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By DJKL
to rogerpearson65
13th Mar 2019 10:47

Not if you put a price on your time.

Every transfer in and out needs recorded in the accounting records, irrespective of how entered this has a time cost plus time re instructing the transfer.

Years ago I audited a client (a travel agent handling a fair few millions a year) who had an automatic sweep to deposit set up from the current account, at end of day the bank dropped excess over £2k onto overnight deposit, back then interest rates justified the approach, interest earned in the thousands each year, but from our audit point of view it added about 500 transactions a year to each bank account- there is no free lunch, bulk up the number of transactions do more work.

When you work out the time needed to perform the transfer and the paltry interest per day per £1,000 you often get to the point that it is just not worth bothering about.

I used to sweep up cash weekly now whilst I look at balances daily I tend to move funds even less frequently, often just monthly or even quarterly unless say large excess due to a property sale etc.

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By MILLY1
13th Mar 2019 11:51

Santander no charges on current account and at the moment 0.35% on savings account

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13th Mar 2019 14:10

rogerpearson65 wrote:

Okay, after my last post got savaged I'm going to word this carefully...

Does anyone know of any business accounts which pay interest?

I would recommend Aldermore for any money you have idle. Final dividend or salary payments can be put in tailored accounts for an exact number of days so they can mature in mid-March ready for final divis and salary lump sum payments at EOY. This way money garners interest instead of sitting idle. I make a couple of hundred £s a year doing this. Not to be sniffed at.

But, they are effectively bonds and the money is inaccessible, so does anyone have any recommendations for banks with accounts which are for daily use, and offer interest?

At least the original post....for the inevitable!

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